2013 just so happens to have put up the finest numbers the North Texas home market has ever seen. With supply down and demand near all-time highs, the outlook for this market in 2014 is, at the very least, a stable and healthy one.
Dallas, TX (PRWEB) January 06, 2014
For anyone who’s heard whispers about the 2013 North Texas real estate market besting national averages both in terms of sales volume and pre-recession value highs, year-end numbers would point to both of these claims ringing resoundingly true. A December 26 article in The Dallas Morning News saw Texas home sales more than double national averages per capita for 2013. Furthermore, Dallas became one of the few cities in the nation—and Texas one of the few states—to best peak highs in terms of median home list values that were seen prior to the recession that followed the housing bust of 2008.
Prudential Texas Properties reports that among the amazing statistics that defined the North Texas market in 2013 was a 7.6 percent jump year over year in the number of housing sales from December of 2012 to the most recent December. And beyond this, Texas as whole saw average home values grow by 8.1 percent in 2013, which enabled it to best pre-recession highs. As for the rest of the nation, it’s still 17.3 percent below pre-recession highs, according to the Morning News piece. And looking at other sources, MSNrealestate.com went so far as to peg the nation at 31.5 percent below the average home value as seen during market apexes in 2006. So it’s no wonder that so much speculation is falling upon a Dallas home market that is vastly beyond the curve.
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Another interesting note from the Morning News article is that, alongside Austin, Dallas is at the top of the list of the most exclusive markets in terms of inventory availability in the entire Lone Star State. The 2,046 Dallas homes for sale as of a December 23 report from California-based real estate analytics tracker Altos Research was the lowest figure the market had seen since February. True, markets often dip at this time of year both in terms of median values and properties available, but with nearly 20 percent less inventory than the roughly 2,500 homes seen in the Dallas home market at the end of September, this market is seeing supply drop at a rapid rate.
As DD Flynn, VP of Marketing with Prudential Texas Properties says, “While a calendar year is just a number, 2013 just so happens to have put up the finest numbers the North Texas home market has ever seen. With supply down and demand near all-time highs, the outlook for this market in 2014 is, at the very least, a stable and healthy one.”
And Flynn’s modest-yet-upbeat predictions seem to be echoed by economists throughout the land. In its December 19 REALTORS® Confidence Index, the National Association of Realtors® projected Texas home values growing between 3.6 and 6.7 percent in 2014. This designation landed Texas among just 14 states for which the index projected such high value growth. Adds Flynn, “With North Texas’ population steadily growing thanks to massive industry growth and the increasingly attractive prospects of big-city living without the price tag of most major metros, the Dallas-Fort Worth area should continue to see steady home value growth as the market swings back into action in early 2014.”
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